How Trump Can Affect Your Insurance

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The election of Donald Trump to the office of President of the United States sent shockwaves throughout the country and the wider world. One area that has received significant attention is health insurance. The potential repeal of Obamacare has got many people worrying whether their insurance could become non-existent overnight.

So what impact will Trump have on your insurance?

For now there are no concrete plans. It’s not clear where Trump stands on the issue or where Republicans in Congress will stand on the issue. The ideas discussed have changed regularly throughout the campaign season. As of this writing, there are no real plans to repeal Obamacare and no indication of what it could be replaced with if it were repealed.

Do You Still Need ACA-Compliant Coverage? 

The Affordable Care Act (ACA) stipulated that everyone has to have a certain level of coverage. For 2017 you still need to have this coverage. Even if Trump does repeal Obamacare it will still be valid for the rest of this year, at the very least. You should take care to make sure that this includes dental insurance. Dental emergencies are less regular, but you shouldn’t take the risk. If you need a major procedure it could leave you thousands of dollars out of pocket.

Can the ACA Subsidy Disappear?

Your premium subsidy is yours for the entire 2017. When you take out a policy no government policy can legally touch that premium subsidy. It’s locked in for the length of time revealed on your policy. The ACA subsidy certainly isn’t going anywhere and you don’t have to worry about Trump changing the law because he legally can’t take it away from you. Remember that even if a repeal bill is enforced there’s little to no chance that it will be repealed in its entirely until at least a couple of years after it passes Congress.

Your premium subsidy is yours for the entire 2017. When you take out a policy no government policy can legally touch that premium subsidy. It’s locked in for the length of time revealed on your policy. The ACA subsidy certainly isn’t going anywhere and you don’t have to worry about Trump changing the law because he legally can’t take it away from you. Remember that even if a repeal bill is enforced there’s little to no chance that it will be repealed in its entirely until at least a couple of years after it passes Congress.

 What About Medicaid Coverage?

Medicaid coverage is almost certainly going to be rolled back by the Republican Party. But, again, this is not relevant to the current year. Most analysts predict there is no chance that Trump is going to repeal Medicaid coverage until at least 2018 or 2019, and even then, the effects won’t take hold until some years later. Your Medicaid coverage is still valid and you should not compromise on it in advance of a potential Trump repeal.

How Should You Prepare for Changes?

There is no way of knowing what is actually going to happen yet. Instead, you need to prepare for the worst case scenario. We recommend increasing your savings goals and putting aside some extra money for any gaps that could appear in your insurance in the coming years. The chances are you won’t be left without protection, but it is always best to prepare for the worst. If nothing changes look at it as having an extra savings pot to do what you like with.

What do you think is the biggest change that Trump is going to bring in when it comes to health insurance?

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